BYD Marketing Vice President Yang Longzhong resigned a set of 119 million yuan

BYD (01211.HK) 27th Evening announced that http://www.aliyun.com/zixun/aggregation/5126.html "> The company's board of directors received a written resignation report from Yang Longzhong, vice president of the company, on September 27, 2012. Due to the restructuring of the company's business and its personal reasons, Yang Longzhong applied to resign his position as vice president of the company. BYD Public relations yesterday to the "First financial daily" reporter responded, Yang Longzhong resigned, mainly the company's management style has undergone a great change, for example, before more emphasis on the role of individual in the management of large clients, now more emphasis on the construction and build team.

Yang Longzhong is BYD President Wang Wang's university classmate, is one of BYD's three founders, is currently vice president of BYD, marketing department general manager, mainly manages IT business.

This is the second time that BYD has faced senior executives leaving. In August 2011, Xia Zhibin, the vice-president of the automotive business sector, left Xia Zhibin's departure by insiders as a significant drop in sales of BYD's auto business sector, after Xia Zhibin's departure, BYD's auto business sector tried to deal with both declines in sales and profits from the auto business sector.

And for the reasons for the resignation of Yang Longzhong, BYD Public relations related people did not give a response. Industry insiders believe that Xia Zhibin and Yang Longzhong's departure, to some extent, BYD internal executives are not optimistic about the company's prospects.

In fact, early in September the industry had rumours of Yang Longzhong leaving. July 2, 2012, BYD 477 million shares of restricted shares lifted. Shenzhen bulk trading platform data show that in July, a total of 22 trading days, including Vice chairman Lu Xiangyang, Vice President Yang Longzhong, including 6 BYD executives appeared on the bulk trading platform 81 times, the cumulative deal 54.5364 million shares, the transaction amount of 869 million yuan. In addition, Yang Longzhong this August this year through a large trading platform to cover 8.43 million shares, the amount of cash is nearly 120 million yuan. This is seen by outsiders as an expression of Yang Longzhong's departure.

The sale of a number of senior executives has sparked a crisis of confidence in BYD, with CLSA issuing a report to empty BYD. One reason why institutions such as CLSA are not bullish on BYD is that its performance has continued to slide for more than a year.

BYD disclosed 2012.5 Annual report, the company's total operating income of 22.582 billion yuan, an increase of 0.17% per cent, attributable to the listed company shareholders of the net profit of 16.269 million yuan, down 94.09%. Car sales rose 12.72% from a year earlier, while handset parts and assembly businesses fell 11.62% per cent year-on-year, and two rechargeable batteries and new energy businesses fell 5.54% year-on-year.

BYD in the release of the year also predicted that 2012 1 ~ September attributable to the shareholders of the listed company's net profit year-on-year decline of 75%~95%,2012 year January-September attributable to the listed company shareholders of the net profit change interval of 17.64 million to 88.18 million yuan.

In the industry has been known as the "Dark Horse" BYD's Good Time in 2010, the past 5 years doubled the growth of the car plate from the altar in 2010, the traditional car business profit in 2010 fell more than 50%, at the same time, the IT foundry sector due to the global industrial pattern of rapid adjustment, As Nokia and other major customers market fluctuations in the same period of decline, and the industry has brought unlimited imagination of new energy vehicles because of the market and technical pressure is still not popular.

From 2010 onwards, the executive turnover, layoffs, network, new energy vehicles misfire, senior managers and other negative news to make BYD difficult to get out. Earlier this year, Mr Wang, the chairman of BYD, who had little contact with the media, said for the first time that BYD had been growing at a high speed and had made some mistakes during the growth process. Mr Wang admits the company is adjusting and returning to normal orbit.

BYD has made adjustments in its operations. For example, the car plate, the most criticized channel began to stabilize, the new product quality is also improving. However, the overall market is not optimistic this year, affected by this, BYD also see no signs of improvement in corporate performance.